End of Topic 3 Assessment

Front

What is percent decrease?

Back

Percent decrease is a measure of how much a quantity has decreased in relation to its original value, expressed as a percentage. It is calculated using the formula: (Difference in Price / Original Price) x 100.

Front

How do you calculate the sale price after a discount?

Back

To calculate the sale price after a discount, use the formula: Sale Price = Original Price - (Discount Percentage x Original Price).

Front

What is the formula to calculate sales tax?

Back

Sales Tax = Sales Tax Rate x Sale Price.

Front

If a shirt originally costs $12.50 and is marked down to $10.00, what is the percent decrease?

Back

20%.

Front

How do you calculate the final price after applying sales tax?

Back

Final Price = Sale Price + (Sales Tax Rate x Sale Price).

Front

What is markup?

Back

Markup is the amount added to the cost price of goods to cover overhead and profit. It is expressed as a percentage of the cost price.

Front

If a CD costs $17.50 and is marked up by 8%, what is the new cost?

Back

$18.90.

Front

How do you find the markdown amount?

Back

Markdown Amount = Markdown Percentage x Original Price.

Front

If a sweatshirt is originally priced at $78.25 and is marked down by 55%, what is the sale price?

Back

$35.21.

Front

What does it mean to have lower monthly payments on a loan?

Back

Lower monthly payments often indicate a longer loan term, which can result in paying more interest over time.